Plana Aero Signs LOI with Battery Provider EPS

South Korean start-up Plana Aero said it signed a Letter of Intent (LOI) with US battery supplier Electric Power Systems (EPS) for the development and future commercialization of its eVTOL air taxis.

The eVTOL developer intends to complete a subscale test this year using a purely battery-based eVTOL and introduce a 700kg weight half-scale model next year, with further plans to open a US office and apply for FAA certification.

“It is quite a meaningful moment for Plana to sign this Letter of Intent with EPS, which has established a reputation in the electric aviation industry for its expertise and reliable systems,” said Braden J. Kim, Chief Executive Officer, Plana.

Plana was founded in 2021 and aims to achieve commercialization in 2028 using its seven-seat hybrid eVTOL aircraft, which has a cruising speed of 300 km per hour and flight range of more than 500 km.

“Plana has been named one of the top eVTOL development programs to watch,” said Nathan Millecam, Chief Executive Officer, EPS. “We are thrilled that the Plana team has put their trust in us and are excited for this exciting collaboration.”

Plana is accelerating its advanced air mobility (AAM) business with partners such as Airbus, Collins Aerospace, Turkish Aerospace Industries, Korea Aerospace Industries, and from the automotive industry, such as Hyundai Motor Company and Honda Motor Company.

Earlier in October, Plana successfully raised some 11.8 billion Korean won, about US$8.3 million, in a pre-series A investment round.

EPS boasts a growing list of customers including NASA, the FAA, Boeing, Safran, and Supernal. The company also provides its electric powertrain system to Boeing and Bell Helicopter.